ACCA to promote e-commerce initiatives in Pakistan

ISLAMABAD: The Association of Chartered Certified Accountants (ACCA) has joined hands with business giant Cheezmall to promote e-business in Pakistan.

ACCA will engage in helping students, affiliates and members to develop a comprehensive understanding of this industry segment.

Officials have said that E-business in Pakistan is growing at a very fast pace, spurred by a staggering under-24 youth population - amounting to 50% of the population - and growth in the number of mobile phone users to over 100 million.

In the light of these factors, e-commerce in Pakistan is expected to grow from $ 60 million to over $ 1 billion by 2020 which is a very positive indicator, according to CEO Cheezmall Aurangzeb Khan.

He said this change shall require an altogether different governance and control environment, without which this growth would not be sustainable for companies and the industry as a whole.

According to the company, Pakistan's consumption expenditure has reached 79 pc of its GDP, demonstrating Pakistani society's potential to spend.

Cheezmall, with its headquarters in Shanghai- China, has now launched its operations in Pakistan.

An ACCA official has urged finance professionals to support this new business environment and work toward learning its dynamic mechanisms and preparing themselves accordingly.